2024Q3纺织服饰行业板块基金持仓点评：重仓环比微降，运动品牌获机构增持

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the textile and apparel sector [4][24]. Core Viewpoints - The textile and apparel sector is experiencing a general improvement in consumer spending, supported by policy stimuli that boost terminal consumption recovery. The manufacturing sector remains optimistic, with continued industry prosperity anticipated [2][24]. Summary by Sections 1. Market Performance - The textile and apparel index increased by 10% during Q3 2024, underperforming the Shanghai Composite Index by 2.8 percentage points and the CSI 300 Index by 6.4 percentage points. The sector ranked 26th among 30 industries in terms of cumulative returns [8][24]. 2. Fund Holdings - As of the end of Q3 2024, the public fund holding ratio for the textile and apparel sector was 0.47%, a slight decrease of 0.03 percentage points from the previous quarter. This ratio remains at the 83rd percentile since 2019, indicating a continued decline in allocation but at a reduced rate [2][8][24]. 3. Major Holdings - The top ten holdings in the textile and apparel sector include Huayi Group, Weixing Co., and Anta Sports. Notably, Huayi Group saw an increase in its position, while brands like Semir and 361 Degrees received new attention from institutional investors [11][24]. 4. Northbound Capital - Northbound capital has significantly increased its holdings in companies such as Weixing Co. and Huafu Fashion. The report highlights a notable increase in holdings for companies like Jihua Group and Hongdou Co. [19][24]. 5. Southbound Capital - Southbound capital has increased its positions in sports brands, with companies like Li Ning and 361 Degrees seeing substantial increases in shareholding. The demand for sports apparel is expected to maintain stable growth due to rising health awareness among consumers [21][24]. 6. Investment Recommendations - The report suggests that the demand for sports apparel will continue to grow steadily, making it a resilient segment. While revenue growth for textile manufacturing may slow down in Q4 2023, the sector is expected to maintain good capacity utilization and order volumes, benefiting from economies of scale [24].